Oil prices dip 0.5% amid mixed signals on a US-Iran agreement and geopolitical tensions in the Strait of Hormuz.
West Texas Intermediate crude trades near $84.65-$84.70, down 0.5% on the day, after hitting its lowest level since mid-April. The decline follows conflicting reports on a potential US-Iran deal, with President Trump announcing progress while Iran denies finalizing terms.
Technical indicators reinforce a bearish outlook, as WTI broke below the $85.00 support and 100-day SMA. The RSI near 40 and negative MACD signal weak momentum, though geopolitical risks in the Strait of Hormuz provide limited support.
The 100-day SMA, just above $85.00, remains the first resistance level as traders await clarity on the Iran negotiations and broader market sentiment.